Freyr drops plans for $2.6B battery project in Georgia
The Norwegian company has informed the Coweta County Develop Authority of its decision to drop the project, which was supposed to produce energy storage systems using lithium-ion batteries.
Freyr Battery has abandoned its USD 2.6 billion battery project in Georgia.
The Norwegian company has informed the Coweta County Develop Authority of its decision to drop the project, which was supposed to produce energy storage systems using lithium-ion batteries to store green energy.
Climbing interest rates, falling battery prices, and a change in leadership at the company all contributed to the decision, Jason Pearce, Freyr’s senior vice president of business development was quoted as saying in the Newnan Times-Herald .
Freyr had announced in November 2022 that it had acquired a site in Newnan, some 40 miles from Atlanta. At the time it was touted as one of the largest battery plants of its kind in the world.
However, a few months ago, Freyr reportedly completed a deal to acquire the Texas solar module manufacturing assets of Trina Solar, and decided to relook at the battery project.
“This decision was made reluctantly, as the Company has realigned its near-term strategic goals. As the Company has relayed many times before, the Authority, Coweta County, and the State of Georgia have provided extraordinary assistance and support to the Company,” Freyr’s letter to the Coweta County Development Authority states. “This decision in no way reflects any concern with the support from our State of Georgia and local partners, each of whom has provided stellar support and guidance. Georgia is a great state to do business, and FREYR would be an advocate based on their positive engagements.”
